OPEC to continue curbing World oil production | Deshabhimani

Dubai/Moscow
OPEC countries are moving to continue to control oil production despite the opposition of the United States and Western countries. The Organization of the Petroleum Exporting Countries (OPEC) decided to continue the production cut at its meeting on Sunday. OPEC’s action comes after the European Union, G7 countries and Australia set a price ceiling for Russian crude oil exports. The OPEC countries had earlier decided to cut production by 20 lakh barrels per day by the end of 2023. This is about two percent of the world’s oil demand. The United States and Western countries have come out against this. The US accused Saudi Arabia of helping Russia behind the OPEC decision. However, OPEC attributed the drop in production to low oil prices amid the global financial crisis.

Meanwhile, Russia came out strongly against setting price limits for Russian crude oil. Russian spokesman Dmitry Peskov said oil will not be sold to countries that impose price caps. The current situation is being assessed. He said, “Let Europe live without Russian oil from next year.”

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